You’re ignoring the part where FAANG massively overhired in the years preceding.

Meta and Amazon doubled their headcount in the 2-3 years of the pandemic.

Others like Google increased by 60+%.

You’re also forgetting about this little thing popularly called AI that happened in the intervening years.

There may be an argument that H1B isn’t fit to purpose in a post AI world (although that argument is also false if we think software engineering will remain a viable job going forward, but that’s a different topic).

But it’s much harder to argue that H1B hurt US employers when thr industry they hired the majority of H1B employees in the first 2 decades of the 2000s, also saw some of the highest growth in jobs while simultaneously posting the highest growth in salaries (there may have been certain minor industries hiring a few thousand people, like Oceanographer that had a slightly higher increase, but even that was likely not true because BLS data doesn’t factor compensation in the form of stock options which disproportionally provided wealth for SW engineers relative to other workers).